All of the following are criticisms of the Lorenz curve EXCEPT
A. The Lorenz curve does not account for age differences.
B. The Lorenz curve does not account for differences in education levels.
C. The Lorenz curve does not include in-kind transfers.
D. The Lorenz curve does not account for differences in the sizes of families.
Answer: B
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Which of the following will shift an economy's production possibilities curve inward?
A. an improvement in technology B. an increase in the unemployment rate C. a decrease in land, labor or capital D. a decrease in the unemployment rate
Brand management refers to
A) the efforts to maintain the differentiation of a product over time. B) selling the right to use a brand name in a particular market. C) picking a brand name for a new product that will attract attention. D) efforts to reduce the cost of production.
Consumer surplus is
a. the difference between the price of the good and the cost to produce the good. b, the sum of what consumers are willing to pay and the price of the good. c. the difference between what consumers are willing to pay and the price of the good. d. the difference between the cost to produce the good and the amount consumers are willing to pay for the good.
Which of the following is consumed jointly?
A. A seat on an airplane. B. A can of Coke. C. A missile shield. D. A doughnut.